§ 9-4-204 — Funds established; use thereof

(a) Repealed By Laws 2005, ch. 231, § 2.
(b) Repealed By Laws 2005, ch. 231, § 2.
(c) Repealed By Laws 2005, ch. 231, § 2.
(d) Repealed By Laws 2005, ch. 231, § 2.
(e) Repealed By Laws 2005, ch. 231, § 2.
(f) Repealed By Laws 2005, ch. 231, § 2.
(g) Repealed By Laws 2005, ch. 231, § 2.
(h) Repealed By Laws 2005, ch. 231, § 2.
(j) Repealed By Laws 2005, ch. 231, § 2.
(k) Repealed By Laws 2005, ch. 231, § 2.
(m) Repealed By Laws 2005, ch. 231, § 2.
(n) Repealed By Laws 2005, ch. 231, § 2.
(o) Repealed By Laws 2005, ch. 231, § 2.
(p) Repealed By Laws 2005, ch. 231, § 2.
(q) Repealed By Laws 2005, ch. 231, § 2.
(r) Repealed By Laws 2005, ch. 231, § 2.
(s) It is the intent of the legislature to establish
uniform requirements for state government accounting and
financial reporting in accordance with the generally accepted
accounting principles (GAAP) as promulgated by the governmental
accounting standards board (GASB), or its successor bodies, so
that the financial position and the results of operations of
state government can be publicly available to citizens,
legislators, financial institutions and others interested in
such information. To implement these requirements:
(i) The state auditor shall assign accounting for
activities and programs of Wyoming state government to funds and
classify each into fund types and account groups as specified in
subsection (t) of this section in accordance with generally
accepted accounting principles;
(ii) All state agencies in all branches of government
and specifically the state budget department, the governor and
the consensus revenue estimating group shall use the fund types
specified in subsection (t) of this section in preparing state
budget documents, budget recommendations, revenue estimates and
legislation;
(iii) The state auditor may, in consultation with the
chief executive officers of the state agencies significantly
involved in the operation of the fund, change the classification
of funds between fund types when the operation of the fund
changes or when there is a change in the application of
generally accepted accounting principles;
(iv) The state auditor, after consultation with the
chief executive officer of the state agency significantly
involved in the operation of the affected fund or account, may
merge, combine or segregate any fund or account that is or may
be provided by law;
(v) Within six (6) months after the end of each
fiscal year, the state auditor shall publish a comprehensive
annual financial report that shall conform as nearly as
practicable to established governmental reporting standards.
The financial statements shall be prepared in accordance with
generally accepted accounting principles and shall contain
certificates of examination by the department of audit or any
other independent auditor that may be assigned; and
(vi) A deviation from generally accepted accounting
principles shall not be made unless authorized by law.
(t) As provided in subsection (s) of this section, the
state auditor shall use the following fund types to classify
state activities and programs for accounting purposes as
specified:
(i) Governmental fund types:
(A) General fund – to account for the ordinary
operation of state government, and shall receive all revenues
and account for all expenditures not otherwise provided for by
law in any other fund. General fund appropriations shall not be
transferred to any other fund or account for expenditure except
as otherwise provided by law;
(B) Special revenue fund – to account for the
proceeds of specific revenue sources, other than expendable
trusts or for major capital projects that are legally restricted
to be expended for specified purposes;
(C) Capital projects fund – to account for
financial resources to be used for the acquisition or
construction of major capital facilities;
(D) Debt service fund – to account for the
accumulation of, and the payment of, general long term debt
principal and interest.
(ii) Proprietary fund types:
(A) Enterprise fund – to account for operations:
(I) That are financed and operated in a
manner similar to private business enterprise where the intent
of the governing body is that the costs and expenses, including
depreciation, of providing goods or services to the general
public on a continuing basis be financed or recovered primarily
through user charges; or
(II) Where the governing body has decided
that periodic determination of revenues earned, expenses
incurred or net income is appropriate for capital accountability
or other purposes.
(B) Internal service fund – to account for the
financing of goods or services provided by one (1) department or
agency to other departments or agencies of the governmental
unit, or to other governmental units, on a cost-reimbursement
basis.
(iii) Fiduciary fund types:
(A) Private-purpose trust funds – to account for
any trust arrangement not properly reported in a pension trust
fund or an investment trust fund under which principal and
income benefit individuals, private organizations or other
governments;
(B) Investment trust funds – to account for
legally separate governments pooling their resources in an
investment portfolio for the benefit of all participants;
(C) Pension and other employee benefit trust
funds – to account for the assets held by state government as
trustee for employee retirement systems;
(D) Agency funds – to account for assets that
state government holds on behalf of others as their agent.
(iv) College and university financial information –
the financial data of state governmental colleges and
universities that are considered to be part of the state
government and that apply the provisions of the American
institute of certified public accountants industrial audit
guide. Audits of colleges and universities should be included
with the financial data of the state government but may be
presented separately from the fund types of the state
government.
(u) Other funds defined as follows shall be classified by
the state auditor pursuant to subsections (s) and (t) of this
section:
(i) Highway fund – to account for all revenues the
expenditures of which are constitutionally restricted to highway
purposes or which are available for expenditure by the Wyoming
transportation commission excluding general fund appropriations;
(ii) Game and fish fund – to account for all revenues
received by the game and fish department the expenditures of
which are restricted to wildlife purposes or which are available
for expenditure by the Wyoming game and fish commission
excluding general fund appropriations;
(iii) Permanent Wyoming mineral trust fund – to
account for the proceeds from an excise tax levied by
constitutional or statutory law, on the privilege of extracting
or severing minerals designated by constitutional or statutory
law. The proceeds of the fund are inviolate and constitute a
permanent or perpetual trust fund which shall be invested, or
loaned to political subdivisions of the state, only as the
legislature directs. All income from the fund shall be
deposited annually in the general fund;
(iv) Permanent land fund – to account for the
resources received and held as trustee of the land grants made
to the state by the federal government as provided by W.S.
9-4-305(b);
(v) Permanent land income fund – to account for the
income from the permanent land fund, land grants and income from
other sources as provided by W.S. 9-4-305(c);
(vi) The excellence in higher education endowment
fund - to consist of funds appropriated or designated to the
fund by law, or by gift from whatever source. In accordance with
Wyoming Constitution Article 15, Section 20, monies within the
fund shall not be expended and may be invested in the same
manner as other permanent funds of the state. Earnings from
investment of monies within the fund are subject to the spending
policy as provided in W.S. 9-4-719 and shall be distributed and
expended as provided by law. Earnings in excess of spending
policies shall be retained as provided by W.S. 9-4-719;
(vii) Hathaway student scholarship endowment fund -
to consist of funds appropriated or designated to the fund by
law, or by gift from whatever source. In accordance with Wyoming
Constitution Article 15, Section 20, monies within the fund
shall not be expended and may be invested in the same manner as
other permanent funds of the state. Earnings from investment of
monies within the fund shall be distributed and expended as
provided by law;
(viii) Hathaway expand Wyoming scholarship endowment
fund – to consist of funds appropriated or designated by law, or
by gift from whatever source. In accordance with Wyoming
Constitution Article 15, Section 20, monies within the fund
shall not be expended and may be invested in the same manner as
other permanent funds of the state. Earnings from investment of
monies within the fund shall be distributed and expended as
provided by law. No state funds shall be appropriated or
deposited into the fund;
(ix) Wyoming's tomorrow scholarship endowment fund -
to consist of funds appropriated or designated to the fund by
law, or by gift from whatever source. In accordance with Wyoming
Constitution Article 15, Section 20, monies within the fund
shall not be expended and may be invested in the same manner as
other permanent funds of the state. Except as otherwise provided
under this paragraph, earnings from investment of monies within
the endowment fund shall be credited to the endowment fund. Upon
the endowment fund reaching a balance of fifty million dollars
($50,000,000.00), earnings from the investment of monies within
this fund shall be credited to the Wyoming's tomorrow
scholarship expenditure account as created by W.S. 21-16-1902.